WB extends project in Azerbaijan

Business Materials 12 November 2018 20:55 (UTC +04:00)

Baku, Azerbaijan, Nov. 12

By Sara Israfilbekova - Trend:

The World Bank has extended the implementation of the Second Rural Investment Project Additional Financing (AzRIP-2 AF) in Azerbaijan until March 31, 2019, the WB local office told Trend.

The goal of the AzRIP-2 project and measures as part of the Additional Financing is to improve the access of residents of the regions to the rural infrastructure and expand economic activity of households.

Previously, the project was expected to be completed in September 2018. The extension of the project is due to the fact that the sides (WB and Azerbaijan) want to further expand the participation of rural women in the labor market.

According to the latest WB report on AzRIP-2, the bank has already completed the allocation of funds for the project itself ($30 million) and as part of Additional Financing ($50 million).

Further support for AzRIP will no longer be provided through WB loans, but from government funds.

Over the years, the project has improved the well-being and living conditions of people in the regions of Azerbaijan. In particular, the income from economic activities (rural infrastructure activities, livelihood activities) increased by 23 percent.

Implementation of AzRIP-2 started in 2012. Azerbaijan joined the World Bank Group in 1992.